From the Trading Desk: Trade Reconciliation (Weeks of September 12 & 19)

Not much else to report beyond the Eurocrisis. A historic buying opportunity will arrive in the future, but it won’t likely fall on this side of resolution (e.g. catalyst). I’m parsing singlenames to find a few hitting the bottom of their ranges–both technically and fundamentally. Valuations can certainly overshoot the downside, but there are equities out there that have already done so. First Solar (FSLR) was one such name this week, in which I’m sitting with ~13% paper gains after picking off a stake early in Friday’s session.

Nonetheless, my positioning is quite neutral from where I sit this weekend. My biggest fear is the market running away from me to the upside, because these technical undulations have been a crucial source of profits this year, and I’m not reading anything bullish quite yet. I hate being reactive, so although a rally on Monday won’t bother me, a 5%+ move throughout this week would… just a confession from my inner super-ego.